Income Protection Ireland
Life assurance is a policy that is designed to financially protect your loved ones in the event that you pass away. It pays out a lump sum or an income on death that can be used to supplement the loss of income to the home. How much you need is completely dependent on your personal circumstances. At Progressive Financial Services we will do an analysis to make sure that you have the sufficient level of cover in place, but for the lowest possible cost.
This runs in line with your mortgage, the level of cover decreases in value over time accordingly. In the event of death, the life company will pay off the remainder owed on the mortgage. Mortgage protection on your home is a legal requirement and is usually set up by your bank when you draw down your mortgage.
It makes sense to shop your mortgage protection with an independent financial advisor to ensure you are getting the cheapest premium.
Serious Illness Cover
Serious Illness cover pays you a lump sum if you are diagnosed with any of the specified illnesses named in your plan. The lump sum can be used in whatever way you desire, for example, to pay off medical expenses or supplement income for a number of years. This is normally package with a Life assurance policy as its more cost efficient to do so.
Your income is your most valuable asset. In the event that you are unable to continue to work due to accident or illness, income protection pays out an income until you are able to return to work, or until your normal retirement age, whichever comes sooner. The payment will commence after a set period of time, known as the ‘deferred period’.
Tax relief is available on premiums paid.